Dulux launches on ASX with 7c gain

The newly independent DuluxGroup has made its debut on the ASX, performing better than its parent company.

Transcript

TICKY FULLERTON, PRESENTER: DuluxGroup has made its debut on the ASX after breaking ties with parent company Orica last week.

DuluxGroup staff were joined by the company Mascot to witness the start of trade at 11 o'clock this morning.

Managing director Patrick Houlihan says that the growth strategy for the paint and garden products manufacturer will remain largely unchanged, but he wouldn't be drawn on any specific plans.

PATRICK HOULIHAN, MD, DULUXGROUP: We'll continue to focus on developing those market-leading positions here in the Pacific, but at the same time we're really looking to continue to see sustainable niche positions in Asia. So we think that two-pronged approach to strategy really presents some exciting opportunities for our shareholders.

TICKY FULLERTON: The stock opened at $2.50 and traded as high as $2.78 before closing at $2.57.

DuluxGroup chairman Peter Kirby shrugged off suggestions that the new company could become a takeover target if its shares fail to perform in the longer term.

PETER KIRBY, CHAIRMAN, DULUXGROUP: From an individual shareholder, it should be a very prized share, so - and hopefully that'll keep the share price high and hopefully the predators at bay.

TICKY FULLERTON: Orica shares didn't fare as well, closing down almost six per cent.